UPDATE: Bank of America Upgrades Seaspan Corporation to Neutral on Dividend Raise, New Orders

Bank of America upgraded Seaspan Corporation

from Underperform to Neutral and raised the price objective from $16.00 to $21.00. Bank of America noted, "We are raising Seaspan to Neutral to Underperform as we believe the company is finally past the trough of the container shipping market overhang. It is raising its dividend 25%, generating improving cash flow as vessels remain under charter, and has recently signed charters and contracts for sizeable vessels. We refrain from upgrading to Buy as it will fSSWace depressed market rates for the next few years and faces sizeable debt repayments." Seaspan Corporation closed at $19.68 on Tuesday.